News
Container exports from China were dull on most trade in Week 48 due to Russia's invasion of Ukraine, inflation and the COVID-19 pandemic on top of global tonnage supply. Freight rate indexes that reflect spot rates for exports from Shanghai that to do not include terminal handling charges (THCs) mostly went down, although there were improvements on routes to Japan and South Korea. The composite Shanghai Containerized Freight Index (SCFI) fell 4.8% from the previous week to 1,171.36 points, which has stayed on the decline for the 24th week in a row, according to the Shanghai Shipping Exchange (SSE).
Spot rates for containers to the west coast of North America decreased 3.9% to $1,437 per FEU, which have trended down for 28 weeks running, while those for the east coast sank 6.8% to $3,437 per FEU, which have remained on a downward trend for 27 consecutive weeks.
Spot rates for exports to Europe stood at $1,085 per TEU, down 1.4%, which have continued to slide for 26 straight weeks. Those for shipments to the Mediterranean waned 0.8% to $1,827 per TEU.
On north-south trades, containers were moved to Australia and New Zealand, at $602 per TEU, down 1.8%; and to South America, at $2,025 per TEU, down 11%. On routes to Africa, spot rates diminished across the board.
In intra-Asia waters, chemicals, which lead container trade to Southeast Asia, were sluggish, adversely affecting overall transport demand on the trade and making spot rates plunge 21.8% to $237 per TEU. In contrast, spot rates increased 3.9% to $349 per TEU for containers to Japan's Kansai region, while rates for those to Kanto remained unchanged at $337 per TEU. Rates for those to South Korea improved 8.4% to $272 per TEU.
